By PAUL GENTILE CU Times Editor WASHINGTON - In comment letters to NCUA on its proposed revision of the corporate reg, Part 704, both the Association of Corporate Credit Unions and NAFCU objected to the proposed 2% minimum RUDE ratio. ACCU cited three reasons for its objection: it is inconsistent...

By SARAH SNELL COOKE CU Times Washington Reporter ALEXANDRIA, Va.-In all the talk about the repeal of the Community Action Plan, it was easy to forget that anything else was accomplished at NCUA's December board meeting. In fact, several other items appeared on the agenda. The NCUA Board unanimously approved...

By JIM RUBENSTEIN CU Times Southwest Correspondent DENVER - It's been quite a year indeed for the CUSO staff at the $1.1 billion Bellco Credit Union here. For one thing, Bellco First Financial Services, the CUSO, racked up a stunning 38% increase in investment income for the first 11 months...

ALEXANDRIA,Va. - There were two corporate CU items covered in NCUA's December closed board meeting. NCUA approved a request from U.S. Central to waive certain provisions of Part 704, the corporate reg. The waiver allows U.S. Central to invest in asset-backed commercial paper with a minimum short-term credit rating of...

By SARAH SNELL COOKE CU Times Washington Reporter ALEXANDRIA, Va.-In all the talk about the repeal of the Community Action Plan, it was easy to forget that anything else was accomplished at NCUA's December board meeting. In fact, several other items appeared on the agenda. The NCUA Board unanimously approved...

WALLINGFORD, Conn. - The Connecticut Credit Union Association voted to give a 5% refund of member credit unions' 2001 dues to those credit unions that reaffiliate in 2002. The rebate will be paid in January 2002. This is the fourth consecutive year that CCUA has given affiliated credit unions a...

ANAHEIM, Calif. - Talk about a credit union leaving a lasting impression at the BAI Retail Delivery Conference. While over 300 CU attendees were at the conference, the agenda was lacking any real CU presence until FISI-Madison Financial announced its grand prize winner. Citizens Equity First Credit Union Vice President...

WASHINGTON-ESL FCU President and CEO David Vigren, of Rochester, N.Y., was appointed to a two-year term on the Federal Reserve Board's Thrift Institutions Advisory Council (TIAC) starting January 1. Also joining the Council are Capitol Federal Savings Bank President John B. Dicus, Queen City Federal Savings Bank President and CEO...

WASHINGTON-According to Federal Election Commission reports, the Credit Union Legislative Action Council of CUNA (CULAC) slowed its outflow of funds to federal candidates for 2002 elections. CULAC only recorded $70,346.65 in disbursements for the month of November, compared with more than $213,000 in October and nearly $112,000 in September in...

By PAUL GENTILE CU Times Editor WASHINGTON - CUNA Brokerage Services, Inc., (CBSI) the broker/dealer arm of CUNA Mutual Group, was one of two firms issued enforcement actions recently by NASD Regulation, Inc. for practices related to the sale of variable annuity and life insurance contracts. The NASD has been...

DANA POINT, Calif. - Speaking to state regulators and state-chartered credit union management and directors attending the NASCUS 36th Annual Conference & Symposium, NCUA Chairman Dennis Dollar shared his thoughts on what he consideres to be the most important accomplishments of the NCUA Board in 2001: Creating the career...

WASHINGTON-Former Director of the Office of Thrift Supervision Ellen Seidman will be starting full time in January as counsel to House Financial Services Committee Ranking Member John LaFalce (D-N.Y.). "It is an honor and a wonderful opportunity to join Mr. LaFalce and the Committee staff," Seidman said. "After many years...

RALEIGH, N.C. - GE Mortgage Insurance and the Latino Community Credit Union have teamed up to fight against predatory lenders by focusing on educating the Hispanic population here. "Predatory lenders often exploit the language and cultural barriers that exist in the Latino community for their own economic gain," said LCCU...

By PAUL GENTILE CU Times Editor SAN DIMAS, Calif. - WesCorp's proposed consolidation offer with PacCorp, a story broken by Credit Union Times in its Nov. 28 issue, was addressed by WesCorp President/CEO Dick Johnson in WesCorp's Dec. 2001 newsletter, Words from WesCorp. In the piece, entitled "What price loyalty?"...

MADISON, Wis - Two mutual funds managed by MEMBERS Capital Advisors, an affiliate of the CUNA Mutual Group, were cited as "Lipper Leaders for Wealth Preservation." Funds qualifying for Lipper's "wealth preservation" category are the 20% that have best avoided negative monthly returns over the last three years. The two...

By P.J. HELLER CU Times West Coast Correspondent CHULA VISTA, Calif. - Walk into a branch of North Island Financial Credit Union during the Oscar season, and there's a good chance you may be greeted by employees decked out in their Academy-Award finery treating you as if you're Julia Roberts...

PLYMOUTH, Mich. - The Michigan Credit Union League has signed a marketing agreement with Centrix Financial LLC, Englewood, Colo. that enables the league to market non-prime and sub-prime auto loans to the CU members throughout the state who have impaired credit histories. Through the agreement, the league will promote the...

NEW YORK - In its January issue, Money magazine has named Kent Denver Credit Union, which is a branch of Aurora, Colorado-based Gateway Credit Union, the richest, largest student-run credit union in the country. Operating from the Kent Denver School, a private, college-prep academy of 620 sixth to 12th-graders, the...

DANA POINT, Calif. - The NASCUS Government Relations' alternative Share Insurance Study Group has been given marching orders by the NASCUS Board and the NASCUS Credit Union Council Board to "energize" the association's alternative insurance policy. The group was also directed to include in its considerations the possible advantages and...

ARLINGTON, Va.-NCUA Secretary to the Board Becky Baker, a 1956 Olympic runner, carried the 2002 Olympic torch from the Arlington Court House through part of northern Virginia Friday, December 21 while family, friends, and even strangers looked on and cheered. Because Baker contracted pneumonia just prior to her own Olympic...

ARVADA, Colo. - The board of the $2 billion SunCorp Corporate CU has declared a bonus dividend. Member CUs will be paid a 6% dividend rate on Membership Shares and a 7% rate on Paid-In Capital for December. "2001 has been a good year for SunCorp. Our recent merger with...

By JIM RUBENSTEIN CU Times Southwest Correspondent WICHITA, Kan. - With an eye toward cutting brick and mortar costs while offering member convenience, three Wichita credit unions have teamed up to open a stand-alone shared branch, a rare fixture in the state. The new facility, located in southwest Wichita, is...

DANA POINT, Calif. - After two false starts, the NASCUS 36th Annual Conference & Symposium was finally held at the Marriott Laguna Cliffs Hotel, Dec. 14-18. The original date of the five-day conference overlapped with CUNA's Annual Symposium, so NASCUS pushed the conference back a week to Sept. 15 -...

By SARAH SNELL COOKE CU Times Washington Reporter ALEXANDRIA, Va.- President George W. Bush has sent a letter to NCUA Board Member Yolanda Wheat informing her that her seat on the board will be terminated as of December 21. Wheat's term officially expired in August, but she has been serving...

DANA POINT, Calif. - For the first time in NASCUS' history, the NASCUS Board and the NASCUS Credit Union Council Board are both chaired by women. Jerrie Lattimore, administrator, North Carolina Credit Union Division and Loren Rush, president/CEO, Universal 1 CU, Dayton, Ohio, both assumed their respective leadership responsibilities on...

In Other News

Missoula Federal Credit Union, Mont., has been bestowed the Special Contribution to the System Award by the Montana Developmental Disabilities Planning and Advisory Council. The council annually awards individuals and agencies that make a positive impact on the lives of people with developmental disabilities. The credit union was recognized for...

Pacific Service CU, Walnut Creek, Calif., has donated $2,500 to sponsor the Fresno Juvenile Diabetes Walk to Cure Diabetes. Staff members also participated in the walk. Approximately 16 million Americans suffer from diabetes and its complications, which include heart disease, stroke, blindness, kidney failure, loss of nerve function and amputation....

News Briefs

PHOENIX, Ariz. - Arizona Federal Credit Union will issue the largest payout to members in its 65-year history - $2 million. "Our members have continued to show strong support of the credit union by their use of our services throughout the year," said AFCU President/CEO Ron Westad. "While we always...

NEW YORK - In a letter to the editor published in the Dec. 14 American Banker, California and Nevada CU Leagues President/CEO Dave Chatfield said Western Union may be right that banks aren't entering the international money transfer business any time soon, but credit unions are. Chatfield was reacting to...

WASHINGTON-Congress is unlikely to formally adjourn until it is required to on Jan. 3, 2002, according to NAFCU Associate Director of Legislative Affairs Brad Thaler. Congress will probably remain in a pro forma session until that date, when it must adjourn and begin the second session. The move will make...

MIRAMAR, Fla. - It's official: The former Eastern Financial FCU is now called Eastern Financial Florida Credit Union. EFFCU, with assets of more than $1.2 billion, was the third federal credit union in the Sunshine State to convert to a state charter in 2001. The other two were Tropical FCU,...

WASHINGTON-Federal Reserve Board Governor Edward W. Kelley, Jr., 69, submitted his resignation recently as a member of the Board of Governors of the Federal Reserve System, effective Dec. 31, 2001. Kelley, who has been a member of the Board since May 26, 1987, submitted his letter of resignation to President...

BROWN DEER, Wis. and HOUSTON - TYME Corporation shareholders have recently approved a proposed merger with PULSE EFT Association. The TYME transaction will be the second PULSE expansion within the last year. Both networks signed a merger agreement earlier this year and the TYME shareholder approval was just one of...

WASHINGTON-NCUA, along with the four other banking regulators, issued guidance December 12 to help financial institutions comply with consumer privacy regulations. The agencies' regulations implementing the privacy provisions of the Gramm-Leach-Bliley Act (GLBA) became effective July 1, 2001. The guidance follows just one week after the GLBA agencies held a...

WASHINGTON-In an effort to promote consistency and reduce regulatory burden, the Office of the Comptroller of the Currency, the Office of Thrift Supervision and the Federal Deposit Insurance Corporation have proposed a uniform charter and federal deposit insurance application form. The new "Interagency Charter and Federal Deposit Insurance Application" form...

WASHINGTON-The Senate gave final approval to the education reform package by an 87-10 vote. The bill includes financial education measures lobbied for by the credit union community. The package passed the House earlier this month and is now awaiting the president's signature. The financial literacy provisions in H.R. 1 will...

MANCHESTER, N.H.- Telephone Credit Union of New Hampshire has appointed Michael A. L'Ecuyer President/CEO. L'Ecuyer is filling the void left by the passing of former TCU President/CEO Richard Mahoney last September. Serving as the $192 million credit union's senior vice president for the last four years, L'Ecuyer also has over...

People

Seven Seventeen Credit Union, Warren, Ohio, has named Brett Carnahan commercial lending officer. Firestone Office Federal Credit Union, Akron, Ohio, Loan Officer Norma Ploplis has retired after over 28 years of service. Ploplis plans to travel more, spend time working around the house and still help out the credit union...

Medical Area Federal Credit Union, Boston, has named Nicole James CEO. Power Federal Credit Union, Syracuse, N.Y., has promoted Brenda Carhart to vice president of lending and Mark Baker to vice president of information technology.

Washington State Employees Credit Union, Olympia, has named Robyn LaChance marketing manager. In addition, WSECU has promoted three employees to the following positions: Dennis Karras, senior vice president for administration; Will Rance, vice president for volunteer and community relations; and Shirley Ledgerwood administrative assistant for administration. Financial Center Credit Union,...

Letters to the editor

In Mike Welch's column, "Volunteers need more education, not more politics," (CU Times, Nov. 14, 2001), he talked about the Credit Union Directors of America (CUDA). I thought your readers might wish to have some additional information about the group from a volunteer professional's perspective. CUDA does not seek to...

In a recent opinion piece, NCUA Board Member Yolanda Wheat hit the mark in asserting that splitting the credit union federal insurer from its regulator would cause much more harm than good ("Splitting NCUA/NCUSIF would create new problems," (CU Times, Dec. 12, 2001). In fact, she observes that if the...

In Memoriam

CHICAGO - Daniel Mahoney, retired Detective CPD and retired treasurer/manager of the Chicago Patrolmen's FCU died Dec. 12. He was 73. Mahoney took over the reins of CPFCU in 1974 when it was a $5 million credit union. In 1996, he passed the baton to his son, Mark who is...

Tech Bytes

TAYLOR, Mich. - Digital Dialogue a provider of Net-enabled call center services, has partnered with credit union data processor Computer Consultants Corp. CCCorp is now a reseller of Digital Dialogue's products and services. CCCorp and Digital Dialogue have also developed a new product they will co-market. The new Shared Call...

PORTLAND, Ore. - First Tech CU recently launched an online mortgage advisor, which it co-developed with Experion Systems. The technology helps reduce the number of mortgage options for the member down to the two or three best suited to the member's needs. "The trusted advisor model is about consistently delivering...

BROOKFIELD, Wis. - Fiserv Inc. announced last week it's merging RF/Spectrum Decision Science Corp. into its IPS-Sendero business unit. The new firm will operate under the IPS-Sendero name. RF/Spectrum is well known in credit union land as a provider of mortgage-decision support, and with more than 120 major lenders as...

GLASTONBURY, Conn. - Open Solutions Inc. has added another core service for credit unions and community financials with the purchase of Imagic Corp., an Atlanta-based provider of item processing and imaging solutions. The deal involved cash and stock but terms weren't announced. Imagic has a client roster of about 200...

VALLEY FORGE, Pa. - Credit union data processor USERS has formed an agreement with wireless firm SensCom to wireless-enable its PCU Internet Banking home banking piece. About 150 CUs are using USERS' PCU solution. USERS said its Connect-I.T. OFX-enabled middleware solution will simplify the interface process. SensCom has had a...

Opinion

Sometimes the best settlements are those that neither side likes, the idea being that the best resolution involves substantial compromises from both sides. The same can be said for the current debate surrounding predatory lending and the recent rules that the Federal Reserve Board (Fed) has issued addressing the problem....

Since this is the first issue of Credit Union Times for the new year, here are my credit union predictions for 2002. As the overall economy improves throughout the next 12 months, I predict that credit unions will produce some impressive numbers in all key areas. This includes substantial growth...